Frank Bisignano will oversee the Trump accounts rollout while keeping his IRS and Social Security roles. Over 6.5 million families have signed up since the July 4 launch.
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The Treasury Department is putting IRS Commissioner Frank Bisignano in charge of expanding the Trump accounts savings program, the department told CNBC on Wednesday.
Bisignano will keep his existing roles as IRS chief and Social Security Administration commissioner. He resigned as CEO of fintech firm Fiserv in 2025 to join the administration.
The Trump accounts, created by last year's Republican tax-and-policy legislation, debuted July 4. Families can contribute $5,000 a year per child under 18 into a tax-deferred account. Withdrawals are restricted until the child turns 18, at which point the funds can be used for higher-education costs.
More than 6.5 million families have signed up, Treasury said. Children born between 2025 and 2028 are eligible for a one-time $1,000 government pilot contribution. Over 1.5 million eligible children have enrolled, according to the department.
Private individuals and organizations can also fund additional contributions for eligible children.
The S&P 500 has gained roughly 25% since President Donald Trump's second inauguration. Treasury hopes the accounts help more families capture those kinds of returns. About 58% of U.S. households own stocks, Federal Reserve data show, though wealth remains concentrated among the highest-net-worth households.
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